Macquarie Reiterates Outperform Rating for Covanta Holding Corp (CVA)
Covanta Holding Corp (NYSE:CVA)‘s stock had its “outperform” rating reiterated by stock analysts at Macquarie in a report issued on Wednesday. They currently have a $25.00 target price on the stock, up from their previous target price of $21.00. Macquarie’s target price would suggest a potential upside of 24.69% from the stock’s previous close.
Shares of Covanta Holding Corp (NYSE:CVA) traded up 0.40% during mid-day trading on Wednesday, hitting $20.13. 776,275 shares of the company’s stock traded hands. Covanta Holding Corp has a 52-week low of $16.42 and a 52-week high of $21.89. The stock has a 50-day moving average of $18.80 and a 200-day moving average of $17.94. The company has a market cap of $2.597 billion and a P/E ratio of 303.79.
Covanta Holding Corp (NYSE:CVA) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported ($0.03) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.15) by $0.12. The company had revenue of $401.00 million for the quarter, compared to the consensus estimate of $381.10 million. During the same quarter last year, the company posted ($0.21) earnings per share. Covanta Holding Corp’s revenue was up 7.8% compared to the same quarter last year. Analysts expect that Covanta Holding Corp will post $0.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 2nd. Investors of record on Wednesday, June 25th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Monday, June 23rd.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse raised their price target on shares of Covanta Holding Corp from $19.00 to $22.00 in a research note on Wednesday. They now have a “neutral” rating on the stock. Separately, analysts at Wunderlich raised their price target on shares of Covanta Holding Corp from $22.00 to $24.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Covanta Holding Corp from $22.00 to $24.00 in a research note on Tuesday. They now have an “overweight” rating on the stock. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.54.
Covanta Holding Corporation (NYSE:CVA) is a holding company.
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